Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>PTTGC reported a turnaround to both core and net profit in 1Q26, in line with expectations.</li><li>We maintain our 2026–28E core profit forecast (projecting a 2-year core EPS CAGR of +11%, below the sector due to a high base in 2026E).</li><li>PTTGC reported a net profit of Bt3.2bn in 1Q26, in line with expectations, with net negative one-off items of Bt3.1bn, weighed down by hedging loss and impairment losses.</li></ul>

PTTGC reported a turnaround to both core and net profit in 1Q26, in line with expectations.We maintain our 2026–28E core profit forecast (projecting a 2-year core EPS CAGR of +11%, below the sector due to a high base in 2026E).PTTGC reported a net profit of Bt3.2bn in 1Q26, in line with expectations, with net negative one-off items of Bt3.1bn, weighed down by hedging loss and impairment losses.

PTT GLOBAL CHEMICAL Plc: 1Q26 Profit Turnaround As Expected, Driven By Upstream Business

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, it has gained 112% versus the SET 100 Index’s return of 55%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, it has gained 112% versus the SET 100 Index’s return of 55%


The Stocks to Own in Thailand – Vol. 53

<ul><li>We expect PTTGC to return to core profit and net profit in 1Q26E (likely the strongest quarter of the year).</li><li>We expect PTTGC to report a net profit of Bt3.3bn in 1Q26E, including extra items: i) a hedging loss of Bt8.9bn; ii) stock gain and NRV reversal of Bt8.2bn; iii) an impairment loss of Bt5.0bn; and iv) a gain from the sale of non-core assets of Bt2.3bn.</li><li>Despite the company’s lower feedstock disruption risk (vs. naphtha-based crackers) and positive developments (portfolio restructuring, ethane ramp-up, EBITDA uplift, and debt deleveraging), which should support more stable core profit (we forecast 2026–28E core EPS CAGR of +11%, below peers due to a high base in 2026E) and a stronger balance sheet, the stock has risen +67% YTD and appears overvalued based on our new 12M fair value of Bt32.25 (following the upward earnings revision, while maintaining our target EV/EBITDA at 8.0x).</li></ul>

We expect PTTGC to return to core profit and net profit in 1Q26E (likely the strongest quarter of the year).We expect PTTGC to report a net profit of Bt3.3bn in 1Q26E, including extra items: i) a hedging loss of Bt8.9bn; ii) stock gain and NRV reversal of Bt8.2bn; iii) an impairment loss of Bt5.0bn; and iv) a gain from the sale of non-core assets of Bt2.3bn.Despite the company’s lower feedstock disruption risk (vs. naphtha-based crackers) and positive developments (portfolio restructuring, ethane ramp-up, EBITDA uplift, and debt deleveraging), which should support more stable core profit (we forecast 2026–28E core EPS CAGR of +11%, below peers due to a high base in 2026E) and a stronger balance sheet, the stock has risen +67% YTD and appears overvalued based on our new 12M fair value of Bt32.25 (following the upward earnings revision, while maintaining our target EV/EBITDA at 8.0x).

PTT GLOBAL CHEMICAL Plc. (PTTGC): Expected To Turn Profitable In 1Q26E

<ul><li>The SET rebounded in line with Asian stock markets amid growing hopes for an end to the conflict between the US and Iran.</li><li>The index successfully reached a new high and managed to stay above the 1,550-point level.</li><li>Nevertheless, although the index is expected to extend its gains, volatility is likely to increase due to profit-taking pressure.</li></ul>

The SET rebounded in line with Asian stock markets amid growing hopes for an end to the conflict between the US and Iran.The index successfully reached a new high and managed to stay above the 1,550-point level.Nevertheless, although the index is expected to extend its gains, volatility is likely to increase due to profit-taking pressure.

Krungthai XSpring Technical Eng. May 26, 2026

<ul><li>As of May 15, 2026, a total of 714 listed companies on the SET index (accounting for 99% of total market capitalization) have reported their earnings.</li><li>Their combined net profit for 1Q26 stood at Bt352,956mn, an increase of +50.1% QoQ and +24.0% YoY.</li><li>Excluding Energy, Petrochemicals, and Commercial Banking, their net profit was valued at Bt126,744mn, expanding +21.5% QoQ and +15.7% YoY, which also beat the Bloomberg Consensus estimate by 8.5%.</li></ul>

As of May 15, 2026, a total of 714 listed companies on the SET index (accounting for 99% of total market capitalization) have reported their earnings.Their combined net profit for 1Q26 stood at Bt352,956mn, an increase of +50.1% QoQ and +24.0% YoY.Excluding Energy, Petrochemicals, and Commercial Banking, their net profit was valued at Bt126,744mn, expanding +21.5% QoQ and +15.7% YoY, which also beat the Bloomberg Consensus estimate by 8.5%.

Special Report: 1Q26 Performance Was Relatively Strong And Better Than Expected

Thailand

PTT Global Chemical PCL is a fully integrated petrochemical and chemical company. The Company's products are derived from its main product, Olefins, namely ethylene and propylene.

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PTT Global Chemical (PTTGC TB)

PTT GLOBAL CHEMICAL Plc: 1Q26 Profit Turnaround As Expected, Driven By Upstream Business

We maintain our 2026–28E core profit forecast (projecting a 2-year core EPS CAGR of +11%, below the sector due to a high base in 2026E).

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 53

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, 11 new join...

A. Stotz Investment Research

PTT GLOBAL CHEMICAL Plc. (PTTGC): Expected To Turn Profitable In 1Q26E

We expect PTTGC to report a net profit of Bt3.3bn in 1Q26E, including extra items: i) a hedging loss of Bt8.9bn; ii) stock gain and NRV reversal of...

Krungthai XSpring

Krungthai XSpring Technical Eng. May 26, 2026

The SET rebounded in line with Asian stock markets amid growing hopes for an end to the conflict between the US and Iran.

Krungthai XSpring

Special Report: 1Q26 Performance Was Relatively Strong And Better Than Expected

As of May 15, 2026, a total of 714 listed companies on the SET index (accounting for 99% of total market capitalization) have reported their earnings.

Krungthai XSpring

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